The country’s largest jewellery retailer – Kalyan Jewellers – made a weak stock market debut on Friday, the stock opened for trading at a discount of 15 per cent at Rs 73.95 against its issue price of Rs 87 per share. Kalyan Jewellers’ share sale via initial public offering (IPO) was subscribed 2.61 times, data from the National Stock Exchange showed. Kalyan Jewellers received 24.95 crore bids for 9.57 crore shares on the offer.
Kalyan Jewllers sold shares in the price band of Rs 86-87 per share and raised Rs 1,175 crore from the share sale via initial public offering (IPO). The primary market offer consisted of a fresh issue of Rs 800 crore and an offer for sale of Rs 375 crore.
Suryoday Small Finance Bank also made a weak stock market debut as it got listed at discount of 4.26 per cent at Rs 292 against issue price of Rs 305.
As of 10:10 am, Kalyan Jeweller shares traded 8 per cent higher at Rs 80 from the opening price but were down 7.8 per cent from the issue price of Rs 87.